Chinese consumers are going to ever greater lengths to protect their skin, boosting foreign and domestic companies.
Guo Zhenyu, Chairman and CEO of Botanee Group, attending the World Congress of Dermatology to promote the company's Winona brand, among others. Singapore, July, 2023. Credit: Botanee Group
On any given day, users of the popular Chinese e-commerce app Xiaohongshu are likely to run into a so-called ‘get ready with me’ video from an aspiring influencer, featuring the latest must-have skincare products. Such content has become so pervasive on the app that Xiaohongshu declared ‘efficient skincare’ as its keyword of the year in 2022.
This seemingly bottomless interest has helped China become the world’s biggest market for skincare, accounting for a retail value of approximately $41 billion last year, according to data from market research provider, Euromonitor International.
And while overall consumer spending in China remains subdued, analysts expect the skincare sector to continue to grow steadily, thanks to consumers’ increasing willingness to pay premiums for products using research-backed formulas, as well as greater interest in higher-margin products like those targeting anti-aging or skin-repair.
This week, we take a look at how the Chinese skincare
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